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Profile photo of Kollipara sundaraiahKollipara sundaraiah asked 4 weeks ago

Capital introduced

One new small i.t. assess the source of income repairs works as a Goldsmith works for the last 5 years works.
Assess net income rs.3,20,000/- shown in f.y.2019-2020 above taxable limit income.

Question:

first-time i.t.return filing person how much amount capital and cash on hand introduced as on 01-04-2019 shown in balance sheet i.t.returns in f.y.2019-2020 under i.t.act.

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Profile photo of CA Rohit KapoorCA Rohit Kapoor replied 3 weeks ago

It is depends on Assets Introduced into business and Cash Position from the previous records. In case of more clarification, please feel free to call on 91-9910765030.